Resources Top 5: Impressive copper, gold hits electrify investors
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Here are the biggest small cap resource winners in morning trade, Thursday, February 25.
Eagle Mountain’s 184,000 tonne Oracle Ridge copper resource is about to get a whole lot bigger.
The explorer is drilling to expand the recently released maiden JORC resource estimate of 12.2 million tonnes grading 1.51 per cent copper for 184,000 tonnes of contained copper.
Latest results include a high grade 12m at 3.47 per cent copper and 50.22g/t silver about 40m west of the existing resources, and at a depth of only 70m directly below surface.
This intersection potentially extends mineralisation encountered in historical drill holes by 100m, the company says.
A shallow, 4m-long intersection grading 17.71g/t gold from 32m at ‘Mulga Bill’ in WA sent this minnow soaring in early trade.
As a rule of thumb, anything above 5g/t is considered high grade.
“This is the highest-grade air-core intersection recorded to date at [the 3.7km long] Mulga Bill,” managing director Andrew Paterson says.
“It’s always encouraging to see such high grades relatively close to surface. I’m also pleased to see that this drilling is adding confidence to our primary target zones at depth.”
(Up on no news)
A recent survey defined a number of potentially mineralised zones below high grade historic workings at the Dixie gold project in WA.
Limited drilling by previous explorers in the 80s and 90s was focused on very shallow gold, although historical shallow drill results include 4m at 20.5g/t from 44m and 2m at 57.1g/t Au from 46m.
Pretty promising stuff. Enterprise plans to drill test five targets with holes between 150m-200m depth.
(Up on no news)
Southern Africa is experiencing a major energy crisis, which is “driving strong interest” in the low‐cost baseload power that can be delivered by African Energy’s coal powered Sese project, the company says.
The Sese JV (African Energy 33 per cent) is now talking with prospective financing and construction partners, the company says.
African Energy also has some early stage exploration ground in WA prospective for big copper-gold porphyry deposits and a significant holding in advanced copper play Caravel Minerals (ASX:CVV).
The South Australian copper-cobalt explorer had trod water since IPOing October last year, but found its footing this month.
Its main game is the Elizabeth Creek copper project in South Australia, where it is prepping to drill four copper-gold IOCG targets.
Iron oxide copper gold ore deposits (IOCG), like BHP’s Olympic Dam, can be tremendously large and simple-to-process concentrations of copper, gold and other economic minerals.
Olympic Dam is the third largest copper equivalent deposit, the largest uranium deposit, and third largest gold deposit in the world.
These things are company makers.